Falling bond yields, rate cut optimism, and GDP data are creating optimism on Wall Street
Stocks gave back sizable gains today, with the Dow eking out a marginal win despite trading up over 200 points at its session highs. The S&P 500 and Nasdaq, meanwhile, finished in the red after spending most of the day above fair value.
Despite the late-afternoon pivot ahead of a historically bullish month, all three major indexes earlier came within a chip-shot of their mid-summer annual peak. Investors spent the day unpacking a trifecta of positive headlines; upbeat gross domestic product (GDP) readings, falling bond yields, and dovish commentary from a Fed president.
- Why auto stocks got a lift today.
- Steer clear of this struggling retail stock.
- Plus, casino stock lags behind; a PHM 'buy' signal; and an earnings winner.
5 Things to Know Today
- Another Fed President is pleased with the interest rate policy. (MarketWatch)
- The United Nations' Climate Change Conference starts tomorrow. (Reuters)
- Casino stock ceded a key trendline today.
- Signal: buy calls on this homebuilder stock.
- Options bulls cheer NetApp earnings.
Commodities on the Rise
Oil prices stayed hot ahead of tomorrow's output decision from the Organization of the Petroleum Exporting Countries and its Allies (OPEC+). West Texas Intermediate (WTI) crude added $1.45, or 1.9%, at $77.86 a barrel.
Gold prices climbed toward 2020 highs, extending their torrid pace. As of this writing, February gold futures are up 0.2% to trade at $2,067.10 an ounce.